| A | B |
|---|
| derived demand | firm will demand a factor of production if there is demand for the firm's final product |
| diminishing marginal productivity | a point where more workers hired will result in fewer additional products being produced |
| marginal review product | the value of added units of a product that are produced when another worker is hired |
| labor force participation rate | percentage of people 16 years or older who are either working or looking for work |
| equilibrium wage rate | wjem number of jobs and owrkers are exactly the same |
| labor unions | organizations th at attempt to improve working conditons of members through collect action and bargaining |
| craft unions | made up of workers who all have the same skill; horizontal union |
| industrial unions | formed by all workers who are employed in a particular industry; vertical union |
| injunction | court order to stop doing something |
| National Labor Relations Act | law that intended to guarantee the right of workers to organize in unions and bargain collectively |
| Taft-Hartley Act | law limited th e unions' disruption of the ecomomy, the President can stop strikes for 80 days |
| closed shop | firm that required workers to join the union before they can be employed |
| right-to-work laws | laws that prevent workers from being forced to join or pay union dues |
| Sherman Antitrust Act | law halting strikes in early 1900's |
| Fair Labor Standard Act | enacted the first minimum wage |
| factor market | labor, natural resources, capital, entrepreneurship sold here |
| product market | where goods and services are sold |
| union shop | workers are required to join union within some specific period of time after hired |
| agency shop | workers must either join or pay an "agency fee" |
| collective bargaining | union's elected representatives bargain for all the workers as a group instead of each worker bargaining as an individual |
| boycotts | unions encourage members and the public not to buy the firm's products |
| secondary boycotts | unions ask public nto to buy from firm's suppliers (this is now illegal) |
| injunction | firm obtains a court order to stop striking and picketing |
| mediation | unbiased person who does not favor either side or the other listens to each and suggests a solution |
| voluntary arbitration | labor and management agree th at an unbiased person should determine a solution |
| minimum wage | law setting the lowest wage that may be paid a worker |
